How new Technologies are Disrupting Incumbent Industries
In the digital era, new technologies are playing a key role in our lives. Companies are using new technologies to improve products and services. As a result, they have been able to innovate and change the world. But not everything about new technologies is good—the disruption to the job market has been massive.
Today’s employers have new standards. This means that the workforce must adapt. For example, years ago, using social networks for digital marketing was unthinkable, but now it’s a real thing.
In the same way, companies have used social networks to gather data, which is today’s most valuable resource. Under those circumstances, tech experts like Data Scientists have been able to create insights that allow companies to make smart moves.
Given these points, there are some things we have to keep in mind. First, new technologies are taking companies to the next level. Second, employees must adapt and learn new skills to stay relevant. In this article, we are going to discuss how new technologies are disrupting incumbent industries.
Artificial Intelligence (AI) and machine learning algorithms have allowed companies to take big strides. As a result, they have been able to increase their productivity and provide personalized services to customers. For example, the manufacturing industry has been impacted by AI as there are more automated processes these days.
Robots are displacing employees from the manufacturing industry. It’s because they help organizations reduce occupational accidents and costs. In that case, employers are now looking for candidates with technical skills that can help organizations stay competitive.
Another good example of AI implementation is AI-chatbots. Web Developers have been using AI-chatbots to provide better services to customers all over the world. Under those circumstances, customer service representatives are being displaced as chatbots are able to do their duties.
Chatbots are available day and night. For that reason, they can give quick responses at any time. Customers don’t need to wait for a representative to respond as there are no schedules.
At the same time, chatbots have allowed hotels to provide unique pre-stay experiences to customers. More customers are feeling attracted and make their bookings.
Smartphones have become essential for people as they make their lives easier. Mobile applications allow customers to do a lot of things with just one device. Consequently, Mobile Developers are working day and night to meet new customers’ requirements.
The use of mobile applications is impacting the transportation industry as well as other significant industries. Mobile apps like Uber and Lyft have changed how people ask for a taxi, and traditional taxi drivers are losing their jobs.
Taxi drivers require at least necessary tech skills to adapt. Mobile taxi apps provide better experiences to customers as they spend less time waiting for a cab. Also, customers can use their credit cards to pay; for this reason, the payment process will no longer be a struggle.
In the same way, apps like Instagram, Twitter and Facebook are playing an important role in e-commerce. Social media apps allow organizations to increase sales and boost brand recognition. Social media managers can attract more customers as they can interact with them through posts, comments or likes.
The days of traditional television services are about to end. Customers are dropping their regular TV service for online video streaming services. Companies like Netflix, Hulu and Disney+ offer excellent TV services where users can watch whatever they like. Also, they are implementing machine learning algorithms to analyze and gather data. As a result, they can provide more personalized services.
Online streaming is also affecting the recording industry. Mobile apps like Spotify and iTunes are changing how people listen to music. Spotify allows customers to create public playlists, follow other users’ playlist or search for music. Like Netflix, its content is organized using machine learning algorithms, so users receive recommendations based on previous searches.
Generally speaking, applications like Spotify and Netflix are innovating. Customers prefer to download or stream content rather than using traditional services or buying records.